If you don't qualify, a short sale might be your best option. It circumvents a foreclosure, so you do not have that stain on your credit report, and it releases you from the loan. Please note, however, that if the property has already gone to trustee sale, then it's too late to make a decision, as the property is no longer in your hands.
Please review the reference below if you would like to learn more, and good luck!
I have a home listed that has gone into foreclosure and the bank allowed the renters to stay and pay them rent and take care of the house until it sells. Once it sells they will have to move out. If you are the owner, then the bank will require you to move out at or after the foreclosure sale. You will not by law be allowed to stay in the home. If your property is being advertised now, the add runs for 4 weeks then will be sold on the first Tues. of the following month. If it sales to the mortgage company or bank for less than what is owed they do have the right to sue you for the difference. Hope this helps and good luck to you.